Laurels

Best Property Management Companies
2022

The Best Property Management Companies
Here Are The Top Property Management Companies
Gumley Haft

Gumley Haft

Gumley Haft has been providing a full range of residential and commercial property management services in New York City since 1989. Its property managers customize solutions and programs to match clients' unique requirements. They also implement preventive maintenance measures and integrate advanced technologies and financial resources. Led by its CEO, Daniel Wollman, the company aims to offer high-quality services that make each client feel like their property is the only one the firm looks after.

New York, NY 10036

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AMPM Property Group

AMPM Property Group

AMPM Property Group provides real estate management services to clients in New York City and the surrounding communities. The company handles a variety of property management tasks for investors, homeowners, and multi-property landlords. These tasks include responding to tenant inquiries, screening tenant applications, collecting rent payments, inspecting properties, bookkeeping, and arranging for maintenance and repairs. The group also oversees legal compliance and tenant-landlord communication. Alexander Meskouris, the firm's lead property manager, has handled various types of properties, including condominiums, apartment rentals, and luxury homes.

New York, NY 10018

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Rudin Management Company

Rudin Management Company

Founded in 1925, Rudin Management is a property management company in New York. The company's management portfolio consists of 18 residential, 16 commercial, and two condo buildings. Its management professionals provide quality customer service, cultivating long-term relationships. Rudin Management oversees routine maintenance projects and proactively responds to emergency repairs. It utilizes technology to streamline financial matters, offering clients and investors 24/7 access to online statements and payment availability. The company provides its clients with a thorough monthly accounting report.

New York, NY 10154

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Guardian Property Management of Brooklyn

Guardian Property Management of Brooklyn

Guardian Property Management of Brooklyn has been serving clients in New York City since 2005. It specializes in managing condo units, multi-unit buildings, and cooperatives. Its services include maintaining and updating insurance policies for managed properties, enforcing building codes, and regular property inspections. It also uses industry-standard property management software to provide owners with financial accounts. The company has spent over a decade appraising local contractors and choosing qualified parties to perform maintenance services on its managed properties.

Brooklyn, NY 11232

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Stonehenge NYC

Stonehenge NYC

Stonehenge NYC is a private real estate company that has provided a full range of property management services for more than 26 years. Its property managers in New York focus on a core growth strategy that has resulted in the successful management and repositioning of Manhattan properties. They are dedicated to providing significant returns for its investors and offer a management portfolio consisting of 19 income-producing residential properties. The company is also committed to giving back to its communities.

New York, NY 10019

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Building Equity Management

Building Equity Management

Building Equity Management is a property management firm focusing on multifamily, co-op, condo, and mixed-use buildings in New York City. With successful individual real estate track records, Michael Vinocur and Brian Reilly launched BEM in 2012. The firm prides itself in its unparalleled responsiveness to calls, texts, and emails received from clients, shareholders, owners and tenants. BEM tailors its services to meet each clients' criteria, covering all aspects of financial management, maintenance, and regulatory compliance. It provides a thorough monthly accounting of all transactions.

New York, NY 10001

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StarCities Management

StarCities Management

StarCities Management is a full-service property management company in New York. Its building management services include the detailed financial accounting of maintenance fees, accounts, tax return preparation, insurance, and Department of Housing registration. It also organizes and coordinates all routine maintenance projects and repairs. The company proactively responds to any emergency situation. It prepares and hosts board meetings and reviews board packages. Additionally, StarCities Management arranges and negotiates leases and renewals.

New York, NY 10012

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My Property Man

My Property Man

My Property Man is a locally owned and operated company that serves property owners from New York City and the surrounding areas. It provides 24/7 property management services, which include routine inspections and preventative maintenance, pest exclusion, and repair services. It also offers financial and legal services such as common charge collection, bookkeeping, and violation clearing. My Property Man has been in operation for more than a decade. The company works with real estate professionals, lawyers, plumbers, electricians, and handymen.

Brooklyn, NY 11221

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Property Link Management

Property Link Management

Property Link Management provides short- and long-term rental solutions to accommodate its residents' needs. The company's property managers in New York work with clients to find a property in one of the company-owned buildings. The fully furnished short-term units are available for stays of longer than 30 days. They are pet-friendly and are equipped with wi-fi, an outfitted kitchen, linens, and air conditioning. Its long-term apartments provide tenants with traditional apartment living.

New York, NY 10036

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Elika Associates

Elika Associates

Elika Associates is a real estate agency located in New York City, New York. Services include exclusive buyer agents, selling a clients’ home, investment advice, renters representation, commercial real estate, relocation specialists, and property management. Elika Associates is a proud member of the Real Estate Board of New York and National Association of Exclusive Buyer Agents.

New York City, NY 10012

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Expert Answers To Common Questions:

  1. What is property management?
  2. What does a property manager do?
  3. How much do property management companies charge?
  4. How do I manage a rental property from out of state?
  5. Does a property manager need a real estate license?
  6. How do I find a good property management company?
  7. Do property management companies find tenants for rental properties?
  8. How do I manage a vacation rental property?
  9. Do property managers pay for repairs?
  10. Can a property manager evict a tenant?
  11. Can a property manager sign a lease for an owner?
  12. Is property management worth the cost?
  13. How do I deal with a bad property management company?
Q: What is property management?
A:
Property management is the business of controlling and overseeing real estate, including residential and commercial rental properties. These professionals handle general maintenance and day-to-day operations on behalf of the property owner. They’re responsible for marketing properties, finding and screening tenants, collecting rent, and preparing units between leases. They may also handle repairs, evictions, and any problems that arise.
Q: What does a property manager do?
A:

Professional property managers perform critical tasks throughout the leasing life cycle, from preparing a rental property, through tenant move-ins and move-outs. They can also provide referrals for legal advice, home repairs, and services that aren’t covered by the management agreement. Here are some of their key responsibilities:

  • Marketing and listing vacant units
  • Processing applications and screening tenants
  • Conducting quarterly and annual inspections
  • Orchestrating move-in procedures
  • Coordinating maintenance and repairs
  • Collecting rent and applying penalties
  • Conducting move-out inspections and returning deposits
  • Handling evictions and posting quit notices
  • Complying with fair housing regulations
  • Compiling monthly expense reports
  • Preparing annual tax documents

Q: How much do property management companies charge?
A:
Property management fees can vary substantially depending on the size of the property, number of units, and scope of service. Property owners can expect to pay one month of rent to fill vacant properties and 10% of the gross cash flow to manage the property. Investors should also account for monthly maintenance, contributions to a reserve repair fund, and early termination fees if they decide to cancel the property management contract. Evictions and other non-routine services typically cost extra.
Q: How do I manage a rental property from out of state?
A:
Managing a property isn’t easy, and the job is even more difficult for out-of-state landlords. Thorough tenant screenings are the best way to prevent many common problems. Landlords should also maintain strong relationships with neighbors who can alert them if anything goes wrong. Investors who prefer a more hands-on approach should consider hiring a property manager to represent their interests.
Q: Does a property manager need a real estate license?
A:
Yes, in most states, property managers must have a real estate license to advertise rentals, show properties, sign lease agreements, collect rent, and perform other fiduciary activities. A community association manager license or similar certification may also be required for professionals who want to work for an HOA or apartment complex, although this credential is optional in most states.
Q: How do I find a good property management company?
A:

Property managers differ significantly in their approach and level of expertise. It’s important for owners to screen potential candidates to ensure that they're choosing the most qualified professional. Here are a few questions to ask during the interview:

  • How many units do you manage?
  • How big is your staff?
  • Do you have a maintenance crew?
  • How long does it take to fill vacant units?
  • What happens if my tenant doesn’t pay on time?
  • Have you ever filed an eviction?
  • What type of communication can clients expect from you?

Q: Do property management companies find tenants for rental properties?
A:
Yes, finding tenants and filling vacancies are key responsibilities for property managers. These professionals are responsible for advertising the property, and they handle all inquiries, applications, and showings. To find the most qualified tenants, managers perform background and credit checks, verify references, and confirm the applicant’s employment information, which can prevent problems and extra costs down the road.
Q: How do I manage a vacation rental property?
A:
Managing a vacation home or short-term rental requires a higher level of involvement when compared to other investment properties. Owners or managers must handle marketing, reservations, check-ins, and cleanings between stays. While a recent study by vacation rental marketplace HomeAway (now part of VRBO) reports that vacation rental income comprises about a quarter of the average rental owner’s income from investing just under 10 hours per week managing their rental, this type of hands-on involvement may not be possible for owners who live out of state or in another region. Professional property managers can assist with one or more tasks, such as cleanings and check-ins, or they can provide comprehensive management services to ensure that the property is generating revenue year-round.
Q: Do property managers pay for repairs?
A:
Yes and no. Property managers may pay for repairs, but the cost is generally deducted from future rent payments or a reserve fund. In most cases, landlords are responsible for maintenance costs and improvements that are needed to preserve or enhance the property’s value. Management firms do coordinate repairs, and some have their own maintenance crews. They can also provide contractor referrals and handle work orders for routine repairs, such as cleaning, painting, plumbing, and changing locks between tenants. Many firms allow tenants to submit maintenance requests online, and they should also provide monthly expense reports showing owners how their money is being spent.
Q: Can a property manager evict a tenant?
A:
Yes, property managers can help to orchestrate the eviction process, from preparing the initial notices to appearing in court and working with law enforcement to ensure that the tenant leaves the property. Situations that warrant eviction include non-payment of rent, lease violations, and illegal activity. Property managers can help to determine the best course of action when dealing with problem tenants.
Q: Can a property manager sign a lease for an owner?
A:
In most states, a property manager can sign a lease. Property owners can appoint a third party to act as a landlord by signing a contract with a management company or by giving power of attorney to a private individual. However, for the contract to be valid, the property manager must have the owner’s authorization.
Q: Is property management worth the cost?
A:
Property managers aren’t cheap, but they’re a worthwhile investment in many cases. Managing a rental property requires time, experience, diligence, and attention to detail. Professional property managers can assist new landlords and long-term investors who have a growing portfolio of rentals. They’re also valuable partners for individuals who work full time, live out of state, or want to enjoy the financial rewards of an investment property without added stress and anxiety.
Q: How do I deal with a bad property management company?
A:
Unresponsive property managers cause problems for property owners and tenants. Reputable management firms should work hard for their fees. No landlord wants to hear from their tenants that the management company isn’t doing its job or is ignoring their concerns. If the manager is skipping routine inspections, accepting bad tenants, or failing to provide monthly expense reports, it’s probably time to hire someone else. Owners should interview several candidates, compare rates, and check references to find a more qualified manager.